Square Embraced Bitcoin After Twitter CEO Jack Attended a Hackathon

Square Embraced Bitcoin After Twitter CEO Jack Attended a Hackathon

JP Buntinx | May 17, 2018 | 8:27 am

Jack Dorsey has some very interesting opinions when it comes to Bitcoin. He thinks it will become the world’s single currency in ten years from now. However, his companies have always been adverse to Bitcoin and other cryptocurrencies. That recently came to change when Square integrated Bitcoin support. It seems there is a good reason as to why the company decided to gamble on cryptocurrency after all.

Square Embraces Bitcoin Thanks to Jack Dorsey

A lot of people were surprised when Square enabled support for Bitcoin. Its Cash app lets users buy and sell BTC with relative ease. It has been a positive decision for the company. Revenue has increased ever since this implementation was added. Even so, the key reason for this integration has always been a mystery.

It appears Jack Dorsey has been intent on integrated Bitcoin with Square Cash for some time now. Earlier this year, attending a hackathon finally opened up a lot of perspectives. Together with engineer Mike Brock, they embarked on a mission to bring the Square Cash Card and Bitcoin together. The purpose was to make BTC as spendable as real currency without too many hurdles. It is not an easy task, as payment cards and cryptocurrency do not work well together these days.

After eventually succeeding, the decision was made to take it to the next level. Brock, the engineer, leads a team working on Square Cash’s Bitcoin brokerage features. It is evident the company and the world’s leading cryptocurrency will remain entwined for some time to come. This is mainly due to Jack Dorsey’s fascination with Bitcoin and what it represents.

Bitcoin Checks the Right Boxes

These days, it is difficult to keep shareholders happy. In the case of Square, a lot of people continue to oppose cryptocurrency. These same individuals still question the decision to offer Bitcoin support in an official capacity. Jack Dorsey, however, wants to offer even more functionality in the near future. What those features will look like, remains unclear.

Bitcoin is an interesting form of money for Jack Dorsey. Earlier this year, he stated how BTC can become the world’s “one’ currency in the next decade. It may become the single currency of the internet, and by extension, the rest of the world. An ambitious goal and a bullish outlook. The global interest in cryptocurrency is surging as of late. Even so, it is still mainly for investment purposes, rather than using it as a currency.

The question remains whether or not Jack Dorsey can drive this change Bitcoin really needs. It still remains inaccessible to a lot of people. Square Cash addresses that problem in a way, but not on a global scale just yet. If other companies take a similar approach, change can occur fairly quickly. For now, Bitcoin is still a fringe market. It will remain to be for some time, albeit things are slowly improving.

Square Embraced Bitcoin After Twitter CEO Jack Attended a Hackathon was last modified: May 17th, 2018 by JP Buntinx

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